Oil price curve may hint at higher prices

London

CAUTIOUS oil market bulls are stirring, sensing higher prices for future months after a first whisper that the glut may be set to slowly shrink.

The International Energy Agency (IEA) on Friday said lower prices will force non-Opec producers including the United States to cut output by the steepest rate in over 20 years next year.

This helped push the difference in price between oil for delivery in October and for delivery in one year's time to its widest in six months, at US$8.0 a barrel on Monday. "People are g…